Canadian Stewardship in Action
This program is comprised of nine introductory courses and focuses on the concept of stewardship, the factors that erode wealth over generations, the roles, and responsibilities of a beneficiary and trustees.
Program Outline
Stewardship
The Stewardship module introduces the concept of stewardship and the role that stewarding principles play in beneficiary’s lives. Students explore values in terms of how they relate to stewardship and being a beneficiary.
Estimated Completion Time: 4 hours
Learning Objectives
- Understand the meaning of stewardship and stewarding principles
- Examine how stewardship is often a core beneficiary value
- Explore the factors that erode wealth over generations
Featured Resources
Books/Articles
- Borrowed from Your Grandchildren Chapter 3, “The Social History of Family Dynasties” by Dennis Jaffe
- The Legacy of Inherited Wealth, by Barbara Blouin
- The Complete Family Office Handbook, Chapter 13, "Family Entrepreneurship and the Family Bank" by Dr. Kirby Rosplock
- Labors of Love from The Inheritance Project by Barbara Blouin
- Family Business Myths by Russ Haworth
- "There is no 70% rule - improving outcome research in family wealth advising" by Dr. James Grubman
- Wealth Management Unwrapped by Charlotte Beyer
Videos
- Podcast by Dr. Dennis Jaffe entitled, Modern Stewardship
- Podcast by Russ Haworth entitled, Shirtsleeves to Shirtsleeves
- Podcast by Warner Babcock entitled, Starting a Family Bank
- Podcast by Joseph W. Reilly Jr. entitled, The Inheritance Project
- Podcast by Charlotte Beyer entitled, Wealth Unwrapped: The CEO's Guide
Beneficiary Fundamentals - Module 1
Beneficiary Fundamentals Module 1 introduces the four “M’s” that inspire beneficiary stewardship. The module reviews important stewardship concepts when it comes to beneficial ownership around
- Meaning
- Modeling
- Mentoring
- Motivation
This module helps clarify the goals, motivations, and intentions of the trust versus the expectations of the beneficiary to help bring alignment, appreciation, and understanding.
Estimated Completion Time: 2 hours
Featured Resources:
Videos
- Podcast with Dr. Jim Grubman entitled, "Meaning and Wealth and Its Connection to the Beneficiary"
- Podcast with Dr. Paul Edelman entitled, "Mentoring the Rising Gen"
- Podcast with Betsey Fortlouis entitled, "Exploring Value Based Leadership"
- Podcast with Chelsey Toler entitled, "Collaboration, Communication, and Onramps for NxG Family Members"
- Podcast with Patricia M. Angus entitled, "The Beneficiary Primer"
Articles/Books
- "Discovering Your Core Values" by the Innerwill Institue
- Chapter 14, Borrowed from Your Grandchildren by Dr. Dennis Jaffe
- "Ten Facts Every Trust Beneficiary Should Know" by Patricia M. Angus
Beneficiary Fundamentals - Module 2
Beneficiary Fundamentals Module 2 focuses on the beneficiary and trustee relationships, including how the relationship evolves over time from the beneficiary’s childhood to adulthood. The types and nature of the fiduciary relationship are also explored. At the end of the course, learning checks challenge the student on their knowledge gained of the trustee/beneficiary relationship.
Estimated Completion Time: 42 minutes
Additional Resources:
Articles/Books
- Raising Financially Fit Kids by Joline Godfrey
Videos
- Podcast with Susan R. Schoenfeld entitled, "Tips for Raising Successful Children of Wealth"
Beneficiary Fundamentals - Module 3
Beneficiary Fundamentals Module 3 focuses on the core responsibilities of a beneficiary, exploring how this role is unique, the special characteristics, and the best practices of a successful beneficiary. The module then expands on the important duties of the beneficiary including education and empowerment, monitoring and management, and planning.
Estimated Completion Time: 1 hour
Featured Resources:
Articles/Books
- The Beneficiary Primer: A Guide for Beneficiaries of Family Trusts Part 1 and 2 by Patricia M. Angus, Esq.
- "How Will a Trust Affect Your Relationships" by Dr. Kirby Rosplock
Videos
- Podcast by Dr. Jim Grubman entitled, "Autonomy, Accountability, and Responsibilities Around a Trust"
Beneficiary Fundamentals - Module 4
Beneficiary Fundamentals Module 4 shares a fictionalized, anonymized case study that illustrates the relationship between trustees and their beneficiaries. The case provides insights into the beneficiary and trustee relationship and focuses on education and empowerment.
Estimated Completion Time: 40 minutes
Trustee Basics - Module 1
Trustee Basics Module 1 introduces the main parties to the trust – the settlor, the beneficiary, and the trustee. The course explores the "trustscape", an activity to look at the relationships among the different parties to the trust and feelings, emotions, opportunities, and questions that may exist. The module concludes with applied learning and a helpful resource and a concise summary of the trust concept, key terms, responsibilities, and duties of a trustee and beneficiary.
Estimated Completion Time: 2 hours
Featured Resources:
Videos
- Podcast with Patricia M. Angus entitled, The Beneficiary Primer
Articles/Books
- Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapters 1–5, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker
- The Trustee Primer: A Guide for Personal Trustees by Patricia M. Angus
Trustee Basics - Module 2
Trustee Basics Module 2 focuses on the core responsibilities and primary duties of the trustee. Four primary oversight areas of the trustee are explored including:
- administration and monitoring of the trust
- investment oversight
- distribution authority
- education and empowerment of the beneficiary
The module prepares trustees for conversations with trust parties and provides considerations when evaluating a potential trustee role.
Estimated Completion Time: 1.5 hours
Featured Resources:
Articles/Books
- Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapter 14, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker
- Trustee Candidate Checklist, Tamarind Learning
- Trustee Worksheet, Tamarind Learning
Trustee Basics - Module 3
Trustee Basics Module 3 focuses on the types of trustees, exploring the role, responsibility, and differences between an individual trustee, a family member trustee, a non-family member trustee, and a corporate trustee. This module also utilizes a real-life case study to demonstrate the dynamics of a family in conflict involving family member trustees.
Estimated Completion Time: 2 hours
Featured Resources:
Articles/Books
- “Trustee as Regent” by James E. Hughes Jr., Esq. and Patricia M. Angus, Esq.
- “The Trustee as Mentor" by James E. Hughes Jr., Esq.
- "Settlement reached in Heated Family Dispute Over Rollins Fortune" by Bill Rankin
- "Inside an $8 Billion Feud: Who Poisoned the Orkin Fortune" by Clare O'Connor
- Pirani v. Pirani case study
Trustee Basics - Module 4
Trustee Basics Module 4 provides further guidance regarding the process of sourcing trustee candidates, including writing a job description, vetting, interviewing, and prioritizing the best candidates. This module also shares insights regarding trustee compensation and effective ways to transition trustee duties to a successor.
- What key criteria are important to identify when you need to fill particular trustee positions?
- How do you craft the position description and set the expectation for the type of trustee you hope to attract?
- Where do you find good trustee candidates?
- How do you set them up for success once selected?
Estimated Completion Time: 1 hour
Featured Resources:
Articles/Books
- The sample job description template
- The sample interview template
- The case study Pitt v Holt
- Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapter 17, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker
Pricing
$310/month
This program is ideal for those recently coming of age, those who are learning more about the family’s estate plan and intentions, and/or those who are ready to have beginning conversations on key principles around stewardship. Adults who may have little or no understanding of the family wealth will find this learning program a useful introduction to key stewardship concepts that are universal to beneficiaries in North America to those residing internationally. The courses are delivered in English, and there is no assumption that a beneficiary has knowledge about the family’s wealth or trust(s).
The learner will benefit from the applied nature of the content to start and enhance their relationship with the trustee. The courses provide guidance to beneficiaries about their role and responsibilities as well as clarifies that of the trustee. A deeper look at the evolving relationship of beneficiaries and trustees is explored, with suggested exercises and activities to foster the trustee/beneficiary relationship. Learning resources include activities, podcasts, articles, books, and learning case studies. Learners can test their knowledge at the end of each course.
- Access your courses anytime, anywhere, with a computer, tablet or smartphone
- Videos, quizzes and interactive content designed for a proven learning experience
- Unlimited access. Take your courses at your time and pace
- This program is designed to take 1-2 months with approximately 10-15 hours per week of study. If you put in more hours per week, you will finish sooner than the predicted 1-2 months
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